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Main reasons to commence your Kilburn lease extension

Top reasons for lease extension now:

Increase your lease and increase your Kilburn property value

It’s an underpublicised certainty that a Kilburn residential lease is a wasting asset. As the lease term reduces so does the value of the property. The extent of this is taken for granted in the early years due to the depreciation being disguised by increases in the Kilburn property market.Once your lease gets to 85ish years, you should start thinking about a lease extension. If lease term falls under 80 years, you will end up paying half of the property's 'marriage value' on top of the usual cost of the lease extension to the landlord. Marriage value is the amount of additional value that a lease extension will add the property The majority of flat owners in Kilburn will be able to extend under the legislation; however a conveyancer should be able to clarify if you qualify for an extension. In some situations you may not qualify. There are also strict timetables and procedures to be adhered to once the process has commenced and you will need to be guided by your conveyancing solicitor throughout the process.

Kilburn property with a lease extension has roughly the same value as a freehold

It is conventional wisdom that a residential leasehold with over one hundred years remaining is worth roughly the equivalent as a freehold. Where an additional 90 years added to any lease with more than 45 years remaining, the residence will be worth the same as a freehold for decades to come.

Lending institutions may not issue a mortgage with a short lease

Mortgage Lenders vary in their lending requirements. Some draw the line at 75 years left on the lease; others may be content with anything over seventy years. Below sixty years, it may be challenging to get a mortgage at all.

Lender Requirement
Accord Mortgages 85 years from the date of completion of the mortgage. Please ensure that you explain the implications of a short term lease to the borrower.
Barnsley Building Society 60 years from the date of the mortgage application subject to 35 years remaining at the end of the mortgage term.
Birmingham Midshires Minimum 70 years from the date of the mortgage.
Coventry Building Society A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.
Godiva Mortgages A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion.

Why use us for your lease extension in Kilburn?

Irrespective of whether you are a tenant or a freeholder in Kilburn,the lease extension lawyers that we work with will always be prepared to discuss any residential leasehold matters and offer you the benefit of their in-depth market knowledge and the close ties they enjoy with Kilburn valuers.

Kilburn Lease Extension Example Cases:

Logan, Kilburn, North London

Two years ago Logan, came precariously near to the 80-year mark with the lease on his studio flat in Kilburn. In buying his property 18 years previously, the unexpired term was of minimal interest. Thankfully, he recognised he needed to take action soon on a lease extension. Logan extended the lease at the eleventh hour last July. Logan and the landlord ultimately settled on a premium of £6,000 . If he failed to meet the deadline, the premium would have gone up by at least £1,050.

Kilburn case:

Ms R Sharif bought a newly refurbished apartment in Kilburn in April 2008. The question was if we could estimate the price could be to prolong the lease by 90 years. Comparative flats in Kilburn with an extended lease were worth £300,000. The mid-range amount of ground rent was £50 invoiced annually. The lease ran out in 2100. Given that there were 76 years as a residual term we approximated the premium to the landlord to extend the lease to be within £8,600 and £9,800 exclusive of fees.

Decision in Brent

An example of a Freehold Enfranchisement case for a Kilburn property is 4 & 4A Charteris Road in June 2009. the Tribunal held that the price to be paid for the enfranchisement of 4/4a Charteris Road to be £15,510 for at 4and £15,694 for at 4a This case was in relation to 2 flats. The unexpired term was 70.02 years.